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Petrol price cut by 49 paisa and diesel by Rs 1.21 in India

The Indian Government has fuel prices cut due to increase in international crude prices and rupee depreciation, the petrol by 49 paisa per litre and diesel by Rs 1.21 per litre prices have been slashed on Wednesday 01st of April.

Now the petrol will be available at Rs. 60 per litre in Delhi as against current level of Rs 60.49, while diesel will cost Rs. 48.50 per litre compared with Rs 49.71 a litre.

The reduction follows two rounds of price hikes in February and March – first by Rs 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16 and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on 1st March.

Prior to these increases, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014. The petrol prices had been slashed by Rs. 17.11 a litre in ten reductions since August and diesel by Rs. 12.96 a litre since its deregulation in October.

This trend was back when rates were raised on February 16. The fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.